Maker Foundation’s Full Decentralization

International law firm Skadden, Arps, Slate, Meagher & Flom LLP acted as lead counsel to Maker, with Walkers acting as Cayman Islands counsel.

Maker, the leading software development team that bootstrapped the well-known Ethereum-based decentralised finance (DeFi) protocol, on a restructure which resulted in operations being fully turned over to the Maker Decentralised Autonomous Organisation (DAO).

DeFi allows financial products to become available on a public decentralized blockchain network. That makes them open for anyone to use, rather than relying on financial intermediaries, like banks. In addition, the MakerDAO protocol allows users the ability to execute the kind of complex functionality required by modern finance applications.

The MakerDAO protocol was initially fully decentralised. In 2018, members of MakerDAO decided to house some protocol development within the Maker Ecosystem Growth Foundation (MEGF), one of the first Foundation Companies to be incorporated in the Cayman Islands. Now coming full circle, the road back to decentralisation has been completed, the operation of the protocol has been entirely turned over to the DAO, which already managed the protocol by vote, and MEGF has been dissolved.

The Walkers team, led by Cayman Islands Partner Melissa Lim (Picture) and Dubai Senior Associate Tom Hagger, with assistance from Cayman Islands Partners Lucy Frew, Monique Bhullar and Peter Kendall and Cayman Islands Associate Christian Bourke, have been advising Maker since 2017.

Involved fees earner: Monique Bhullar – Walkers Global; Christian Bourke – Walkers Global; Lucy Frew – Walkers Global; Tom Hagger – Walkers Global; Peter Kendall – Walkers Global; Melissa Lim – Walkers Global;

Law Firms: Walkers Global;

Clients: Maker Foundation;

Sonia Carcano

Author: Sonia Carcano